homeauto NewsMaruti Suzuki looking to roll out first electric vehicle before 2025; says charging infra a speed bump in EV push
Maruti Suzuki looking to roll out first electric vehicle before 2025; says charging infra a speed bump in EV push
In an interview with CNBC-TV18, Shashank Srivastava, ED - Marketing and Sales, Maruti Suzuki, said that the company is looking to roll out its first electric vehicle (EV) before 2025. He, however, said that EV charging is proving to be a hindrance to the overall EV push.
Shashank Srivastava, ED - Marketing and Sales, Maruti Suzuki, on Friday, said that the company is looking to roll out its first electric vehicle (EV) before 2025. He, in fact, expects 8-10 percent of the overall passenger vehicle (PV) market to come from electric vehicles by 2030, Srivastava told CNBC-TV18.
On its EV launch timeline, Srivastava said, “We announced a couple of months back that we will be bringing in our first electric vehicle some time before 2025 and that is all that I can tell you at this moment.”
Talking about passenger vehicles, he said, “Most analysts are projecting about 8-10 percent in the passenger vehicle space; 8-10 percent of the market coming to electric by about 2028-2030 and at that time the expected volumes in the industry will be roughly 6 million. In India, we will probably be selling about 70 million cars- even if 10 percent are electric vehicles, we will have 63 million cars which will be non-electric.”
Also Read: Maruti's big electric vehicle game plan: Suzuki to invest Rs 10,440 cr for battery, EV production
On EV charging, he mentioned that the infrastructure is still in its nascent stages, which is proving to be a hindrance in the EV push. Elaborating on it, Srivastava explained that there is a need to reduce the battery cost which forms 55 percent of the cost of an EV.
He said, “This year, EVs in the passenger vehicle space, we will be selling about 13,000 units in the country which is roughly 0.3 or 0.28 percent of the overall industry. The barrier seems to be the battery cost because for EV’s overall cost, the battery is the big chunk, about 50-55 percent of the cost in the EV vehicle is the battery. So we do not have that battery cost in the range which can make the cost of acquisition of EVs less.”
“The charging infrastructure is still in a very nascent stage in our country and these are the two major factors which are preventing a large number of EVs from being sold,” Srivastava added.
Also Read: Maruti chairman says EVs won't give desired results for next 10-15 years in India; here's why
On surging raw material prices, he mentioned that the company has taken a hike of 9 percent, which did not suffice to cover the high cost of inputs.
“We have taken a price hike of almost 9 percent in the last one year and that is not sufficient to cover the increased commodity prices that we have seen, but we have to look at both topline and bottomline. So we are always monitoring the commodity prices and the profitability to take appropriate decision,” said Srivastava.
For the entire interview, watch the accompanying video
(Edited by : Dipikka Ghosh)
First Published: Mar 25, 2022 10:18 AM IST
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